Contains spoilers for this episode and earlier episodes.
Tommy prepares a letter exposing Campbell's assassination scheme in case he does not survive Derby day. At Epsom, the Shelby men move against Sabini's bookmakers while Tommy manages his uneasy arrangement with Alfie. Grace arrives and tells him that she is pregnant with his child. He delays answering her while he completes the operation, leaving both Grace and May waiting on a decision he refuses to make before the race.
Lizzie learns that Tommy has brought her to lure Field Marshal Russell away from the crowd. The task exposes her to an assault before Tommy reaches them and kills Russell. Polly finds Campbell and shoots him, taking revenge for what he did to her. The gang's racing operation succeeds, but Tommy is taken away by armed men who bring him to an open grave instead of ordinary police custody.
Facing execution, Tommy thinks of the woman he loves and how close he came to getting everything he wanted. One of his captors shoots the others and tells him that Churchill has work for him, allowing him to walk away. Back at the office, Michael has chosen to remain with the company and wants to earn serious money. Tommy speaks of plans for the business and announces that he intends to marry, without naming his bride.